Business managers in all organizations, both large and small, are tasked with making prudent decisions and designing strategies that will maximize profit, cut costs, enhance revenue, promote efficiency, and contribute to the firm’s overall goals and mission. In the midst of a multitude of facts, data, and statistics, what fundamental economic models and analytic methods can managers employ to make sense of how market forces affect opportunities and constraints?For this discussion, begin by introducing yourself to the class and sharing the industry that you work in (or are interested in working in). Then, using that example, explain one of the models from this module’s readings and describe how the theory applies to your industry. Possible topics to explore include the following:
- Supply and demand
- Firm organization
- Market organization
- Price determination
In your reply posts, compare and contrast elements of your industry analysis with those of a different industry, as presented by a classmate. What parallels can be drawn? How do market forces affect these industries differently?